Portions of the financial statements for software associates are provided below. software associates income statement for the year ended december 31, 2021 net sales $ 710,000 expenses: cost of goods sold $ 420,000 operating expenses 130,000 depreciation expense 33,000 income tax expense 49,000 total expenses 632,000 net income $ 78,000 software associates selected balance sheet data december 31, 2021, compared to december 31, 2020 decrease in accounts receivable $ 10,000 decrease in inventory 13,000 increase in prepaid rent 3,000 decrease in salaries payable 4,000 increase in accounts payable 7,000 increase in income tax payable 8,000 required: prepare the operating activities section of the statement of cash flows for software associates using the indirect metho

Explanation:

The preparation of the Cash Flows from Operating Activities—Indirect Method is shown below:

Cash flow from Operating activities - Indirect method

Net income $78,000

Adjustment made:

Add : Depreciation expense $33,000

Add: Decrease in accounts receivable $10,000

Add: Decrease in inventory $13,000

Add: Increase in accounts payable $7,000

Less: Decrease in salaries payable -$4,000

Add: Increase in income tax payable $8,000

Less: Increase in prepaid rent -$3,000

Total of Adjustments $64,000

Net Cash flow from Operating activities                   $142,000

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